We will go over every facet of the process of borrowing money from Opay via their loan app, having talked to Nigerians who have utilised the OKash lending app.
We will also go over the features, eligibility checks, loan amounts, interest rates, payback schedules, and application process of the app. Continue reading to find out more about this Opay lending app.
What is Okash?
Individuals can apply for rapid, no-collateral loans with Okash, a mobile lending app. It is owned by and run by Blue Ridge Microfinance Bank Limited in Nigeria. The goal of Opay's automated lending venture, Okash, is to provide more financially excluded or underserved Nigerians with access to credit.
As everyone knows, Opay is an online financial processing app that allows you to send, receive, and purchase data services. In contrast, Okash is an app that allows users to borrow money. For this reason, the term "financial lending service application" is used.
Users may easily obtain emergency cash with the Okash loan app, which doesn't require a lot of paperwork or collateral.
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Features of the Okash Loan App
1. Mobile Payments
From their Okash wallet, users can send and receive money instantaneously to the wallets of other users. You can enter the recipient's phone number or scan a QR code to make a payment.
2. Peer-to-peer lending:
This allows Okash users to borrow small amounts of money from other users. The app's algorithm matches borrowers and lenders according to the requested loan amounts and terms of repayment. Loan payments are made and received straight through the app.
3. Savings Plans
To achieve their goals within predetermined timeframes, users can create personalized savings goals and plans. The software records savings progress and automatically deducts tiny sums from the wallet once a day or once a week.
4. Business Payments
Retailers are able to take payments from clients straight into their Okash wallets for goods and services. This eliminates the need for card readers and enables contactless transactions. In the app, business owners can also access sales figures and analytics.
How to Register for a Loan with Okash
You must register on the Okash loan app before you can use the Okash app's capabilities. To create an account, take the following actions:
- Get the Okash lending app from the App Store or Google Play Store.
- To register, open the app and input your phone number.
- Your phone number will receive an OTP for verification.
- Make your account password four digits long.
- Type in your name, address, BVN, and other basic KYC information.
- Send us a live selfie to confirm your identity.
- You would receive a notification stating that your registration was successful after completing the aforementioned procedures.
Eligibility Criteria For Applying For a Loan on The Okash App
- Nigerian residency is a requirement for the application.
- Age: The candidate must be between the ages of 20 and 55. People who are older than this could not be eligible.
- Source of Income: The candidate needs a consistent monthly source of income. This may come from your work, your business, your assets, etc.
- Bank Account: In order for the loan amount to be credited to the applicant's account, should it be authorized, the applicant must have an open account with one of the supported Nigerian banks.
- Regular Employment: To show financial stability, candidates should ideally have a long-term job with the same business.
- Bank Verification Number (BVN): In order to verify their identification and evaluate their creditworthiness, applicants must supply a valid 11-digit BVN.
- Navigate to the dashboard's "Apply Now" area after registering.
- You can choose to borrow between ₦3,000 and ₦500,000.
- After paying ₦30 and entering your card data, you can link your ATM card.
- Give your bank account information so that the loan can be credited to it.
- Within minutes, Okash will evaluate your credit score to determine your eligibility.
